Social Insurance Fund:The rate of contribution, as of 01.01.2020, for employed persons is 21.5% of their “insurable earnings”. Out of this rate, 8.3% is payable by the employer, 8.3% by the employee, while a further 4.9% is payable by the State (maximum insurable earnings are €1.055 gross weekly income or €4.572 gross monthly income). As […]
Located in the Eastern Mediterranean, the island of Cyprus is one of the most favorable jurisdictions to consider for corporate restructuring and relocation. There are many benefits to restructuring a private company into a Cyprus company including tax optimization and business environment advantages. The Aspen Trust Group examines the reasons behind most corporate restructuring efforts […]
A Cyprus International Trust is one of the most attractive ways to protect your assets. The establishment of international trusts and its related legal frameworks allow individuals to plan for the transferring of accumulated wealth to other family members or Group companies with specific instructions. This vehicle of wealth protection and transferring of assets […]
During a meeting held in Moscow between the Minister of Finance of the Republic of Cyprus and the Deputy PM of the Russian Federation on the 10th of August 2020, an agreement was reached on updating the Convention for the Avoidance of Double Taxation (‘DTT’) between the two countries. The revised protocol is expected to […]
Cyprus remains one of the safest countries to visit, work and live despite the COVID-19 pandemic. Cyprus established itself as a consistent international and regional business centre and is also praised for the efficient reaction and handling of the pandemic which should reassure visitors, investors and residents making plans to visit the island for business […]
A variety of film tax incentives has developed around the world to encourage the production of films and the expression of local stories. Although the film industry has been long established in places like Hollywood or Bollywood, global destinations provide the potential for new and interesting locations in movie production. Film tax incentives can be […]
On 22 July 2020, the State of Duma in Moscow adopted, in the third and final reading, a new legislation about Digital Financial Assets (DFAs), Digital Currency and Amendments to certain legislative acts of the Russian Federation. According to the new law, “cryptocurrency” is defined as a set of e-data in an information system, which […]
If you consider starting a business, relocate your business for any reason such as settling a gateway to Europe or Middle East, Cyprus is a destination than can facilitate the growth of your tech startup or other kind of business. A Cyprus company offers numerous advantages for startups to consider the country as their base […]
Aiming to increase the overall competitiveness and fairness of the tax system for foreign nationals, the Cyprus government introduced the concepts of ‘domicile’ and ‘non-domicile’ (Non-Dom) through an amendment of the Special Contribution for the Defence of the Republic of Cyprus Law of 2002 (SDC Law) in July of 2015. The Aspen Trust Group explores how the Non-Dom […]
In response to the Covid 19 pandemic, the EU has given its members more time to comply with the DAC 6 requirements and postponed the deadline to apply them. The postponements give the EU Member States the option to delay the deadlines for filing information on reportable cross-border arrangements by up to six months, as […]
The novel coronavirus disease 2019 (COVID-19) outbreak is a major shock for the global economy, disrupting production, trade and business worldwide. Many countries have already adopted or are adopting measures aimed at preventing the further spread of the virus, increasing the capacity of their health systems and providing relief to those citizens and sectors of […]
More than 70% of the companies are estimated to have losses. The coronavirus outbreak is affecting hundreds of thousands of people. It is not only a life-threatening disease but it is also having a growing impact on the global economy. It is an evolving unpredictable situation having a major impact on companies. Although our primary […]